- Net sales revenues: EUR 3.84 billion
- EBITDA: EUR 548 million
- Capital investments: EUR 250 million
- Increase in hydrocarbons production: 1%
- Rijeka Refinery Upgrade: New DCU unit has been operation since September
Zagreb, 30 October 2026 – Supported by favourable external conditions, increased hydrocarbon production in the Exploration and Production segment, and the continued operation of the Rijeka Refinery, INA Group delivered a strong result in the first nine months of the year compared to the same period last year, with EBITDA reaching EUR 548 million.
Exploration and Production EBITDA were higher by 31%, reaching EUR 275.6 million. Gas production from the Croatian offshore area increased by 21%, while oil production in Egypt rose by 18 percent, driving an overall hydrocarbon production growth of one percent compared to the first three quarters of last year, as a result of performed workovers activities and start of production from newly drilled wells in Egypt. Segment Capital Expenditures amounted to EUR 111.5 million in Q1-Q3 2026, 66% higher than in first nine months of 2025, and were primarily directed on development projects in Croatia both onshore and offshore, and in Egypt. Acquisition of Vermilion Zagreb Exploration stake in the onshore exploration area SAVA-07 has been approved in July by the Government, increasing INA’s stake to 100% in that area.
Refining and Marketing, including Consumer Services and Retail, delivered solid results despite significant market volatility caused by ongoing geopolitical uncertainty and the reintroduction of a regulation setting maximum retail prices for petroleum products, imposed by the Government at the beginning of March. The new Delay Coker Unit (DCU) at the Rijeka Refinery has operated continuously and reliably since the successful start-up in September and has already contributed positively to the segment result. Consumer Services and Retail sales volumes remained stable compared to the same period last year. Segment CCS EBITDA reached EUR 265.8 million.
Overall Capital Expenditures increased significantly, 73% compared to first nine months of 2025, amounting to EUR 250.5 million, mainly driven by finalisation of the Rijeka Refinery Upgrade Project, offshore field developments and wells workovers. Net debt decreased by 11% compared to the end of Q3 2025, at EUR 484.1 million, with a gearing ratio of 21.4%.
Zsuzsanna Ortutay, President of the INA Management Board, commented on the results:
“A more favourable external environment, together with increased oil and gas production, contributed to improved INA Group results in the first nine months of 2026. These results strengthen our investment capacity, enabling us to continue investing in production, supply reliability and business transformation. Capital Expenditure during the period amounted to EUR 250.5 million, up 73% year-on-year.
We are particularly pleased with the successful start-up of the Delayed Coker Unit (DCU) at the Rijeka Refinery, which has been operating continuously and reliably since September. This milestone delivers on the purpose of our long-standing investment in the refinery’s modernisation: increasing our capacity to produce higher-value fuels and strengthening security of supply in Croatia and neighbouring markets. This is particularly important for diesel, which remains in tight supply and is essential to transport and the wider economy.
In Exploration and Production, we recorded significantly higher gas production from Croatia’s offshore fields and higher crude oil production in Egypt, supported by sustained, substantial investment in existing and new wells. The acquisition of an additional stake in the SAVA-07 exploration block further strengthens the foundation for future exploration and development activities in Croatia.
Alongside continued investment in oil and gas production, we are developing new energy sources. Construction of Croatia’s first commercial green hydrogen production facility at the Rijeka Refinery is progressing as planned. Our approach is clear: to supply the energy needed today while investing responsibly in the future”.
About INA Group
INA Group plays a leading role in oil operations in Croatia and a significant role in the region in oil and gas exploration and production, oil refining and distribution of oil and petroleum products. INA Group comprises several subsidiaries fully or partial owned by INA, d.d. The Group’s seat is in Zagreb, Croatia. Apart from Croatia, INA also has upstream operations in Egypt. Oil refining takes place at the Rijeka Refinery, while sustainable alternative businesses are being developed at the Sisak industrial site. INA’s regional retail network consists of more than 500 retail sites in Croatia and neighbouring countries. INA Group is a member of MOL Group.
PR
Avenija Većeslava Holjevca 10, Zagreb
Phone: +385 1 6450 552 Fax: +385 1 6452 406 | @: pr@ina.hr